Primi sui Motori
On 24 July 2012 Primi sui Motori was admitted to listing on the AIM Italia market by Borsa Italiana. Integræ SIM is a Nomad and Global Coordinator of the operation. The collection of 3.51 million Euros through placement. The operation represented a partial ‘Exit’ of the Private Equity Equilybra Capital Partners Fund (shareholder of the Issuer since 2009). The company, on the first day of negotiating, closed at a price of about Euro 25 with a +13.6% compared to the placement price. For the second time (the first time was the Frendy Energy operation) in the history of the “unregulated” market reserved for small and medium-sized enterprises, subscriptions were collected from a panorama of investors comprising primary funds and institutional investors.
The placement price is equal to € 22.00.
Taking advantage of the legislation introduced by the “Development Decree” of 2012, Integrae assisted Primi sui Motori, a company listed on the AIM Italy market, leader in Italy in search engine positioning (SEO) services, in the structuring of the “mini-bond” “Primi sui Motori 9% 2013-2016” negotiated on the EXTRAMOT market managed by Borsa Italiana. The issue of a maximum of Euro 3 million, unrated, with a three-year duration, an annual coupon of 9%, and full repayment at maturity was subscribed by institutional and retail investors during 2 successive bidding periods between July 2013 and December 2013.
Acquisition of 51% of 2ThePoint PSM S.r.l. and Crearevalore S.p.a, two important companies operating in web marketing. These operations allow Primi sui Motori to strengthen its leadership in a market that is currently growing strongly, presenting itself to all the different targets of companies with a complete range of communication, web, and digital marketing solutions.
The enterprise. Alessandro Reggiani started in 1998 with a software company called Syner.it Informatica oriented on SME clients. The company evolves from a system integrator to a web agency anticipating market needs and over the years invests more and more resources in the development of know-how in the field of Search Engine Optimization (SEO). In 2004, the Primi Sui Motori brand was created, which characterizes the positioning service carried out by the company, which is also being used by several web agencies that distribute it to their clients throughout Italy.
Ultima Ricerca Primi sui Motori
UPDATE| In 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to € 5.40 mln, and Platform & Technology Services rose by +9.9% to € 4.30 mln, while Consulting (€ 0.20 mln, -63.0%) and Digital Academy (€ 0.50 mln, -24.4%) declined. EBITDA stood at € 1.22 mln (vs € 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was € 1.61 mln (vs € 1.87 mln in 1H24A). EBIT amounted to € 0.17 mln (vs € 0.91 mln), while Net Income was € – 0.12 mln (vs € 0.41 mln). From a balance sheet perspective, NFP improved from € 5.71 mln to € 4.84 mln of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of € 22.80 mln and adjusted EBITDA of € 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to € 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of € 6.60 mln (margin of 23.2%), compared to € 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of € 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 45.7 million. The market multiples approach results in an equity value of € 30.0 million. Consequently, the average equity value stands at approximately € 37.9 million. The target price is set at € 3.70, with a BUY rating and a MEDIUM risk level. |
